Australia And New Zealand Central Banks Don’t Plan To Have Their Own Cryptos

The national banks of Australia and New Zealand denied they would issue their own cryptocurrency June 26, in a speech calling Bitcoin “fascinating” yet “wasteful.”

Tony Richards, the Australian Business Economists in Sydney, leader of the Reserve Bank of Australia’s (RBA) payment policy, seemed hawkish on cryptocurrency as Australia’s government dedicates extensive assets to blockchain research.

“It’s not a high priority for us, but it’s something we’re continuing to work on,” he said in regards to the bank issuing its own token.

“We are particularly looking at the aspect of whether or not a central bank digital currency for B2B use might be valuable.”

Australia’s 2018-19 spending plan reserved over a half a million dollars for blockchain, Cointelegraph reporting prior this month that cryptocurrency clients then keep on feeling the pinch from authorities taking action against investment activities.

Richards himself gave an uncertain impression of Bitcoin, criticizing its system while demonstrating appreciation for how it worked.

“Nine years after its launch and about five years since it entered the public consciousness, [Bitcoin] continues to have structural flaws that make it unsuitable for many uses, many of which stem from its inefficient verification process,” he proceeded.

“…These risks acknowledged cryptocurrencies and distributed ledgers are fascinating developments both from payments and a broader economic perspective.”

In neighboring New Zealand meanwhile, national bank figures also voiced worries about their own token, staying uncertain about its “conclusive benefits,” Reuters reports.